Top 10 biz headlines: HUL results today, US GDP contraction and more

The Department of Telecommunications (DoT) held Bharat Sanchar Nigam Limited responsible for the terms and conditions of its controvertial tender for 4G telecom equipment. Real estate players are unlikely to announce price cuts after Covid-19 lockdown, despite a possible decline in sales. Hindustan Unilever is slated to announce its results for the fourth quarter ended March 2020 (Q4FY20) on April 30. Here are the top 10 stories that made news on Wednesday:

DoT pulls up BSNL for terms and conditions of 4G telecom equipment tender

DoT pulled up BSNL after the Telecom Equipment and Services Export Promotion Council — a body to help promote exports of Indian telecom companies — alleged that the tender does not comply with the provisions of the public procurement order of 2017 that seek to promote Make in India. Read more here.

As the nationwide lockdown nears the 40-day mark, it is taking a huge toll on the real estate sector of the country. Property developers are not planning to cut prices despite a 30 per cent decline in the sale of residential units in March quarter of CY 2020. There will likely be a similar fall in sales this calendar year. Read more here.

GlaxoSmithKline is preparing to sell its $3.7 billion stake HIndustan Unilever, sources familiar with the matter said. GSK plans to offload part or all of its 5.7% holding in HUL through a series of block trades, which could start in the next few days. Read more here.

Hindustan Unilever (HUL) is slated to announce its fourth quarter results (Q4FY20) on April 30. According to experts, FMCG companies with higher exposure to food and daily essentials are expected to fare better this quarter as compared to those dealing with items of discretionary consumption. Read more here.

Nearly half of the global labour force accounting to roughly 1.6 billion workers of the informal economy are in immediate danger of losing their livelihoods due to the coronavirus pandemic, the International Labour Organization (ILO) said on Wednesday. Read more here.

US GDP shrinks 4.8% in first quarter as pandemic decimates economy

As Covid-19 rages through US, the country’s economy shrank at a 4.8 per cent annual rate last quarter due to the shut down of the country and triggered a recession. According to experts, the drop in the January-March quarter is a precursor of a far grimmer GDP report expected in the April-June period. Read more here.

US crude stockpiles grew less than expected and gasoline posted a surprise draw, oil prices surged more than 10 per cent on Wednesday. Crude oil prices crashed to a record low earlier this month, as global fuel demand tanked roughly 30 per cent due coronavirus. Read more here.

The US Federal Reserve left interest rates near zero and vowed to do whatever it takes to revive the country’s economy amid an ongoing Covid-19 pandemic. In US unemployment touched a record low as more than 26 million people filed for unemployment benefits amid the pandemic — the sharpest drop since the Great Recession. Read more here.

Airlines may get 10-day notice to restart flights

Airlines and passengers stranded in India are likely to be informed 10 days before flight operations resume, government sources told The Economic Times. One of them suggested that services could commence early June. All commercial flights have been grounded since March 25.